L&T head says not to list any arm for next 2-3 years after L&T Technology Services IPO

The $16-billion engineering conglomerate’s subsidiary L&T Infotech was listed on July 21. The initial public offer for the company’s other subsidiary, L&T Technology Services, will open on September 12 and close Sep 15.Rachita Prasad | ET Bureau | September 06, 2016, 18:17 IST

Mumbai: Engineering major Larsen & Toubro may not list any other subsidiary for the next 2-3 years after hitting the capital market with two initial public offers in succession in less than two months, head AM Naik said Tuesday.

The $16-billion engineering conglomerate’s subsidiary L&T Infotech was listed on July 21. The initial public offer for the company’s other subsidiary, L&T Technology Services, will open on September 12 and close Sep 15.

“There are other subsidiaries which can be listed. But we don’t plan to have any IPOs in the next 2-3 years,” Naik said.

L&T has so far listed two of its subsidiaries—L&T Finance and L&T Infotech. The company is in the process of streamlining different businesses by re-grouping, divesting, and creating new verticals.

L&T Infotech IPO was subscribed 11.69 times and was priced at the upper end of its price band of Rs 705-710 a share. The shares listed below the issue prices at Rs 666.60 and have since fallen further. They closed at Rs 652.10 each on the Bombay Stock Exchange on Tuesday, up 1.05% from its previous close.